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研究生:羅竹君
研究生(外文):Luo, Jhu-Jyun
論文名稱:公司治理與資訊揭露對權益資金成本的影響
論文名稱(外文):The Effect of Corporate Governance and Information Disclosure on the Cost of Equity
指導教授:傅澤偉傅澤偉引用關係
指導教授(外文):Fu, Ze-Wei
口試委員:汪進揚葉金成
口試委員(外文):Uang, Jinn-YangChin-Chen Yeh
口試日期:2011-05-12
學位類別:碩士
校院名稱:國防大學管理學院
系所名稱:財務管理學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:69
中文關鍵詞:公司治理、資訊揭露、權益資金成本
相關次數:
  • 被引用被引用:4
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  • 下載下載:21
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本研究同時考量公司治理與資訊揭露兩個構面探討是否對於公司募集權益資金成本有所影響。
本研究實證樣本為我國517家上市公司2005年至2009年的資料。結果發現,公司治理因子(獨立董監事、董監事股權質押、監察人占董事會),獨立董監事和監察人占董事會越高,權益資金成本越低,董監事股權質押則與權益資金成本呈顯著正相關。資訊揭露對於權益資金成本的影響上,未達統計上的顯著,若進一步區分資訊揭露程度下降(DISDOWN)與資訊揭露程度上升(DISUP)後對權益資金成本有顯著影響。

The study considers both corporate governance and information disclosure to explore their impact on cost of equity capital.
The empirical sample consists of 517 listed companies from 2005 to 2009 data. The results showed that corporate governance factors(ratio of independent board members, ratio of directors and supervisors’ stock pledge, ratio of supervisor/board)all are significantly influence the cost of equity capital. Information disclosure does significantly influence the cost of equity capital. After further classifying the information disclosure into up-status and down-status, information disclosure become significantly influence cost of equity capital.

目 錄 頁次
圖目錄 VII
表目錄 VIII
第一章 緒論 1
1.1 研究動機與背景 1
1.2 研究目的 5
1.3 研究流程 5
第二章 文獻探討 8
2.1 公司治理 8
2.1.1 公司治理的性質 8
2.1.2 公司治理的探討 10
2.2 公司治理和權益資金成本之關係 13
2.3 資訊揭露的性質 16
2.3.1 資訊揭露的探討 16
2.3.2資訊揭露和資訊不對稱 19
2.4 資訊揭露和權益資金成本之關係 20
2.4.1資訊揭露與資金成本 20
2.4.2資訊揭露和權益資金成本 22
第三章 研究設計 26
3.1 樣本選取與資料來源 26
3.2 變數衡量與假說建立 26
3.2.1應變數 28
3.2.2自變數定義與假說建立 30
3.2.3控制變數 34
3.3 研究方法 37
第四章 實證分析 45
4.1 敘述統計 45
4.2 相關分析 47
4.3 追蹤資料模型分析之實證結果 49
第五章 結論與建議 55
5.1 結論 55
5.2 研究建議 58
參考文獻 59
中文部份 59
英文部份 62





圖目錄
圖1-1 研究流程圖 7


表目錄
表3-1 變數說明表 27
表4-1 敘述統計表 46
表4-2 相關係數表 48
表4-3共線性檢定表 49
表4-4 權益資金成本與自變數和控制變數之追蹤資料模型分析(固定效果) 54


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17.黃文燕(2004)。自願設立獨立董事、公司資訊透明度、審計品質與公司價值關聯性之研究:代理理論vs.訊號發射理論。未出版碩士論文,大葉大學會計資訊研究所。
18.黃紹彥、鍾雨軒、吳東憲、廖上萱(2009)。自願性財務預測、公司治理與權益資金成本。台灣金融財務季刊,10(2),41-66。
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21.蔡嘉欣(2009)。資訊揭露評鑑結果更動對企業資金成本之影響。未出版碩士論文,輔仁大學會計系在職專班。
22.鄭丁旺(2002)。談財務資訊之透明化。會計研究月刊,200(4),12-14。
23.謝錦堂(2009)。董事會功能理論模型之驗證:台灣上市公司董監事的觀點。管理學報,26(2),127-144。
24.證交所(2002)。上市上櫃公司治理實務守則。



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